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021 <br />EXIHit IT 13 <br />1-0 AGREEMENT 13ETW17 FN <br />COUNTY OF LEI: <br />AND <br />LEE COUNTY ECONOMIC DI VELOPNII N"I CORPORATION <br />PURPOSES AND/OR RESTRICTIONS/CONDITIONS <br />The LCEDC will submit reports to the County as provided in Exhibit C. <br />2. Payment to the LCEDC will be made upon the written request of the <br />LCEDC and submission of appropriate documents ofexpenditures. <br />3. Funds paid in accordance with this contract are to be used in accordance <br />with N.C. Gen. Stat. 159-7.1 and Exhibits A and D of this contract to help <br />finance the Economic Development Program of the LCEDC in <br />participating in the cost of grading, extension of utilities and other site <br />preparation of a new manufacturing plant by the Company. <br />4. Because substantially all of the activities of LCEDC are expected to be of <br />the nature that would be held in executive or closed session, the LCEDC <br />shall not be subject to Article 33C of Chapter 143 of the North Carolina <br />General Statutes. <br />5. The project described in Exhibit "D" must be completed in such time that <br />the improvements on the ground the cumulative initial ad valorem taxable <br />value (prior to depreciation) by January 1, 2009 will total at least <br />$20,000,000.00 and will produce ad valorem taxes in an amount of <br />$465,300.00 payable to the County and $341,220.00 payable to the City <br />over the next succeeding five (5) fiscal years and the industry will have <br />paid to its employees an average weekly wage as determined by current <br />N.C. Employment Security Commission criteria (that is not including <br />benefits) that equals or exceeds $14.53 per hour, or the recipient of the <br />incentives must make reimbursement of any deficiency. <br />is <br />12 of27 <br />